UK citizens will make 80m outbound trips by 2020, with the market projected to reach a value of £54bn (US$70bn, €62bn), according to a new study on outbound travel statistics for Britain.

According to the study, conducted by DPI Research, a relatively high income per capita, coupled with strong currency, makes the UK one of the top five spenders on international tourism in the world.

Results from the research show that Europe still accounted for majority of all outbound trips made by UK travelers in 2015, with Spain and France the most popular destinations for the UK travellers.

The US is ranked third for UK travellers, while outside of Europe, India and Australia were second and third respectively.

While lucrative for countries overseas, outbound travel is also of great benefit to the UK, with holidaymakers spending more than £34bn (US$44bn, €39bn) a year in the UK before travelling abroad, supporting 214,000 jobs directly and 435,000 in the wider economy.

The full report is available here.